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NAR Holds FIRM on Mortgage Interest Deduction

Today we interview Brian Bernardoni – Sr. Director of Government Affairs with the Chicago Association of Realtors about the MID, or Mortgage Interest Deduction for homeowners. Not surprisingly NAR holds firm, and we think it’s the right move. What are your thoughts?

I have never heard of any underwriter factoring in the tax deduction for mortgage interest. I would support retaining it for primary residences with a reasonable cap so that it benefits the working class, and not the upper middle or upper class

Two things: first, I need help understanding the early comment about tax deductions and qualifying. As a lender for 21 years, I don’t know what he was referring to. A standard deduction versus Schedule A Itemized Deductions don’t impact your buying power. Second, seems this issue impacts the big blue states more than the rest. Come to Florida. No state or local taxes, so this is a non-issue here. Kind of ironic, when you aren’t taxed to death, a deduction or write off isn’t needed.

Good Morning, this is one persons point of view. I want to read the bill first before I submit to any call to action. I am not a politician but not many of our congressional reps read Obamacare and there 3 versions of it. Per Pelosi we have to pass the bill to see whats in it. This is very important and I want to educate myself before making a decision. I want to read the facts not a opinion or the mass media. This way I know the decision I make is an educated decision and not emotional or mislead by someone who has not read an actual bill.

It looks like the reform would give grandfather rights to keep the mortgage interest write off of up to $1M and for those new home buyers would be limited to $500,000 in mortgage interest write off….there is only 21% of people that even qualify/use the mortgage write off and when the standard deduction increases (which saves us all money) the mortgage interest will be used by 4%.

For those that think this would effect first time home buyers I only see the savings from this tax bill to the middle class making it more affordable for them to buy.

Not sure if a majority of the agents are aware of the general message to fight to save a tax break for 4% of the population on mortgage balances over $500K- which means values more like $600K.

I enjoyed doing the show and have enjoyed reviewing the comments. I am surprised how people are willing to go along with the reduction of the MID and the SALT and not be upset with being double taxed – that is paying taxes on money you are using to pay taxes. Since the inception of the code – double taxation was preempted.

The RESource Weekly

Ryan Hills and his team over at the RESource are great friends of ours. Tune-in their latest weekly episode right here on the home page of the National Real Estate Post. Ryan delivers fantastic content beneficial for both mortgage and real estate professionals.

Lab Coat Agents

"Exploring the Science of Real Estate" is the essence of Lab Coat Agents. LCA and NREP Daily have a partnership in place that's focused on bringing mortgage originators and real estate agents together. Displayed above is their most recent content with respect to our new COVID-19 environment and it's updated in real time so check every day for new information.

Bearded Men of Real Estate

Two of our favorite guys over here at the NREP Daily. Ray and Dan are true leaders within the real estate industry and their weekly shows prove it. They bring great content and amazing guests to you in a fun and interactive way. Be sure to visit them by clicking the button below so you get notified when they go "live" on Facebook. Trust us, these guys are great!

Mortgage News Network

Andrew Berman is a wonderful friend of the NREP Daily. His MNN shows are always insightful with great guests. Be sure to tune-in to MNN right her on the National Real Estate Post to see what Andrew has in store for you. Great content for mortgage and real estate pros alike!

Realtor Magazine

Realtor Magazine has interesting content that is useful to both real estate and mortgage professionals. Here you’ll see their most recent video content updated in real time as released by Realtor Magazine.

Mortgage Bankers Association

The MBA always had relevant news and insights that greatly benefit any mortgage or real estate professional. Tune-in here regularly at the National Real Estate Post to see what's going on up on "the hill" so you can make better decisions and have better dialogue with your customers.

The RESource Weekly

Ryan Hills and his team over at the RESource are great friends of ours. Tune-in their latest weekly episode right here on the home page of the National Real Estate Post. Ryan delivers fantastic content beneficial for both mortgage and real estate professionals.

Lab Coat Agents

"Exploring the Science of Real Estate" is the essence of Lab Coat Agents. LCA and NREP Daily have a partnership in place that's focused on bringing mortgage originators and real estate agents together. Displayed above is their most recent content with respect to our new COVID-19 environment and it's updated in real time so check every day for new information.

Bearded Men of Real Estate

Two of our favorite guys over here at the NREP Daily. Ray and Dan are true leaders within the real estate industry and their weekly shows prove it. They bring great content and amazing guests to you in a fun and interactive way. Be sure to visit them by clicking the button below so you get notified when they go "live" on Facebook. Trust us, these guys are great!

Mortgage News Network

Andrew Berman is a wonderful friend of the NREP Daily. His MNN shows are always insightful with great guests. Be sure to tune-in to MNN right her on the National Real Estate Post to see what Andrew has in store for you. Great content for mortgage and real estate pros alike!

Realtor Magazine

Realtor Magazine has interesting content that is useful to both real estate and mortgage professionals. Here you’ll see their most recent video content updated in real time as released by Realtor Magazine.

Mortgage Bankers Association

The MBA always had relevant news and insights that greatly benefit any mortgage or real estate professional. Tune-in here regularly at the National Real Estate Post to see what's going on up on "the hill" so you can make better decisions and have better dialogue with your customers.